Research

At B. Riley, our research process is an interactive one where we perform extensive due diligence on companies until the analyst develops the knowledge base and understanding of the company and the industry to make a recommendation. Our analysts continuously monitor industry developments and communicate with the management, competitors, suppliers and customers of the companies we follow, regularly communicating our findings through Research Updates and daily Morning Notes.

While we do not necessarily publish research on all of the companies we review, the knowledge base and understanding of many of our monitored companies parallels that of our covered companies. We actively cover over 100 companies and monitor an additional 100. Our analysts cover small to mid-cap companies that are under-followed or misunderstood by Wall Street. We believe that the pricing of small cap equities is frequently inefficient, and therefore provides the greatest potential rewards to diligent security analysis.

This Week's Research

  • 08/05/15 Update The Weiser Consumer: Weekly Highlights (AVP, CL, CLX, NTRI, NWL, PG, PRGO)
  • 08/05/15 Update CSOD ($37.39, Buy; $38.00 PT): Q2 ’15 Earnings Preview; Reiterate Buy Rating and $38.00 Price Target
  • 08/05/15 Update ACLS ($2.87, Buy; $5.00 PT): Robust Revenues As Share Gain Persists; Price Target To $5.00
  • 08/05/15 Morning Note Morning Notes: ACLS, BOOT, CLRO, CSOD, DRAD, DWA, ELNK, EMKR, EVOL, EXAR, HGG, IIVI, KLIC, LITE, NAME, NTCT, ODP, OSTK, PBH, PCOM, PCTI, PRMW, RDEN,…
  • 08/05/15 Update EXAR ($8.12, Buy; $10.00 PT): Lower Revenues, But Margins Holding Up Well; Price Target To $10.0
  • 08/05/15 Update PBH ($48.19, Buy; $57.00 PT): F1Q16 Preview: Third Consecutive Quarter of Positive Organic Sales Growth Expected—Price Target of $57 Has Upside…
  • 08/05/15 Update IIVI ($17.03, Neutral; $18.25 PT): Mixed F4Q/F1Q Results/Guide; Lowering FY16 EPS Estimate and PT from $18.75 to $18.25; Maintain Neutral due to Valuation
  • 08/05/15 Update EMKR ($6.24, Buy; $8.00 PT): Strong F3Q/F4Q Results/Outlook; Raising Estimates and PT from $7.50 to $8.00; Reiterate Buy
  • 08/05/15 Update NTCT ($39.74, Buy; $49.50 PT): Investor Day Highlights; Reiterate Buy Rating and $49.50 Price Target
  • 08/05/15 Update KLIC ($10.14, Buy; $13.00 PT): Legacy Business Weighs And Offsets New Products Traction; PT $13.00
  • 08/05/15 Update STMP ($71.70, Neutral; $69.00 PT): Q2 ’15 Earnings Preview; Maintain Neutral Rating and $69.00 Price Target
  • 08/05/15 Update PRMW ($6.64, Buy; $8.00 PT): Q2 ‘15 Marks Another Beat and Raise; Raising Estimates and Price Target
  • 08/05/15 Update EVOL ($8.42, Buy; $11.00 PT): Work to Do as Q2 Revenue and Bookings Slip Unexpectedly
  • 08/05/15 Update OSTK ($21.36, Buy; $30.00 PT): Should See Good Top-Line Momentum, But Costs Less Certain
  • 08/05/15 Update DWA ($23.98, Neutral; $26.00 PT): Solid Q2 Results; Facing 2H15 Segment/Margin Headwinds Prior to Restructuring-Led Profitability Boost Beginning…
  • 08/05/15 Update VIAV ($6.24, Buy; $8.25 PT): A Rising Tide Lifts All Boats; Adjusting Estimates and Lowering PT from $12.25 to $8.25 to Reflect Separation; Upgrading…
  • 08/05/15 Update BOOT ($33.15, Buy; $35.00 PT): In line 1Q; 2Q Outlook Falls Short; FY16 Guidance Raised; We Remain Just as Bullish as Before
  • 08/05/15 Update ZUMZ ($26.04, Neutral; $30.00 PT): Intense promotional backdrop for b-t-s includes denim; slow ramp in July; increased concerns regarding potential…
  • 08/05/15 Update ODP ($7.79, Neutral; $11.00 PT): In-Line 2Q Had Help-But This Is The Lowest Volume Quarter
  • 08/05/15 Update DRAD ($4.29, Buy; $5.25 PT): Q2 ‘15 Earnings Preview: Expect Results In-Line with our Estimates
  • 08/05/15 Update PCTI ($7.09, Buy; $9.75 PT): Scanning Receivers Slip, No Snapback for PCTI; Reducing PT from $11.00 to $9.75
  • 08/05/15 Update UNTD ($13.49, Buy; $20.75 PT): UNTD Beats; Multiple Growth Initiatives Provide FY ’16 Upside Despite Slightly Later Than Anticipated Launch Schedule
  • 08/05/15 Update NAME (B. Riley & Co. Update: $6.81, Buy; $15.00 PT): Mixed Q but Fundamentals Intact; Reducing Estimates
  • 08/04/15 Initiation of Coverage LITE ($21.04, Buy; $27.25 PT): To Demonstrate Stronger Growth and Leverage Without NSE; Initiating Coverage of LITE with a Buy Rating and PT of $27.25
  • 08/04/15 Update UEIC ($51.32, Neutral; $56.50 PT): Earnings Preview: Expect In Line or Better Q2 Results & Q3 Guidance; Expect Better Sales Trends in H2
  • 08/04/15 Update PCOM ($11.10, Buy; $17.50 PT): Earnings Preview: Expect 2Q15 Slightly below Consensus; Changing and Reducing AEBITDA Metric; Reducing PT from $20.00…
  • 08/04/15 Update TREC ($14.16, Buy; $21.00 PT): Earnings Preview: Expect Q2 Results In Line With Our Estimates or Better
  • 08/04/15 Update HGG ($3.57, Neutral; $5.00 PT): Earnings Preview: Cost Containment Necessary For 1Q Expectations To Be Achieved
  • 08/04/15 Update ELNK ($7.88, Buy; $9.50 PT): Deuces Wild in Strong Q2, as ELNK Beats and Raises Again; Raising Estimates and PT from $8.50 to $9.50
  • 08/04/15 Earnings Preview VSAT ($62.20;Buy;$89.00 PT): Earnings Preview: Disrupting Markets with High Capacity Density, Satellite-enabled Networks
  • 08/04/15 Earnings Preview HEAR (B. Riley & Co. Update: $2.13, Buy; $5.00 PT): Q2 Earnings Preview; Solid Gaming Industry Dynamics Boosts Optimism into Print and Key Holiday…
  • 08/04/15 Update MCHP ($42.79; Neutral; $48.00 PT): MCRL Now In The Mix, But Estimates Decline As Orders Slow; PT To $48.0
  • 08/04/15 Update ON ($10.34; Buy; $15.50 PT): Execution Coming Through But Macro Weighs; Reduce Ests, PT To $15.50
  • 08/04/15 Update RTEC ($11.96; Buy; $15.00 PT): Reports Meaningful Upside To Results And Outlook; Litho Reach Expands
  • 08/04/15 Update CAMT ($2.81;Buy;$4.00): Solid Print And Outlook Is Led By Advanced Packaging; PT Remains $4.00
  • 08/04/15 Earnings Preview LIOX ($5.86; Buy; $6.75 PT): Q2 ’15 Earnings Preview; Reiterate Buy Rating and $6.75 Price Target
  • 08/04/15 Update CLX ($115.00, Neutral; $92.00 PT): Raising Estimates on Commodity Tailwinds; PT from $89 to $92
  • 08/04/15 Update NLS ($20.88, Neutral; $20.00 PT): Reports Mixed Q2 Results; Raising Estimates and Price Target
  • 08/04/15 Update IDSY ($5.37; Buy; $9.00): Q2 Miss Due to SaaS Transition Sales Pressure Despite Improving Gross Margins; Lowering FY ’15 and ’16 Estimates; Introducing…
  • 08/04/15 Update IVAC ($4.85; Neutral; $6.25 PT): Sales Drivers Gaining Some Traction, But Profitability Challenges Persist
  • 08/04/15 Earnings Preview NCMI ($15.40; Buy; PT $20.00): Q2 Earnings Preview; Strong Attendance and Box Office Trends Should Provide an Attractive Tailwind to Both Q2 Results…
  • 08/04/15 Earnings Preview DTSI ($28.73; Buy; $41.00 PT): Q2 Earnings Preview; Solid Underlying Trends and 2H License/Product Ramp Visibility Key to Guidance and Boosting Investor…
  • 08/04/15 Update LLNW ($4.10, Buy; $6.50 PT): Solid Q Points Towards Share Gains and Operational Improvements; Conservative Guidance and More Efficiencies
  • 08/03/15 Update TST (B. Riley & Co. Update: $1.83, Buy; $4.00 PT): Earnings Preview: Expect Q2 ‘15 Results In Line; Top Line Lifted by BoardEx
  • 08/03/15 Update PLNR ($4.05, Neutral; $6.00 PT): Earnings Preview: Expect FY Q3 ‘15 Results In Line and Management to Reiterate FY ‘15 Guidance
  • 08/03/15 Update DCO ($23.92, Buy; $37.50 PT): Earnings Preview: Accretive Refi Overshadows Lackluster Q2 Ahead of Expected 2H ’15 Rebound
  • 08/03/15 Update B. Riley & Co. Industry Update: Internet Earnings Previews (ABTL, DMD, GRPN, NAME, TRUE, XOXO)
  • 08/03/15 Morning Note B. Riley & Co. Morning Notes: BC, BOOT, CNK, CVU, EMKR, IIVI, LOV, NEWP, NWL, OCLR, ODP, PCTI, PG, PII, PRGO, PRMW, RNWK; August Focus List (CHKE,…
  • 08/03/15 Update EMKR ($6.19, Buy; $7.50 PT): Earnings Preview: Expect In Line F3Q/F4Q Results/Outlook as the CATV Business Environment Remains Solid; Reiterate Buy
  • 08/03/15 Update B. Riley & Co. August Focus List: CHKE, CONN, EMKR, GUID, ISIL, KTOS, NTRI, PRMW, RLD, RUBI, SRI
  • 08/03/15 Update BOOT ($31.60, Buy; $35.00 PT): Earnings Preview: Likely 1Q16 Beat and Upward Revision to Guidance; Conservatively Modeling 4.0% Comp for Balance of…
  • 08/03/15 Update BC ($53.09, Buy; $65.00 PT): Margin Driven EPS Beat; Guidance Reaffirmed, Maintain Buy with $65 PT
  • 08/03/15 Update RNWK ($4.68, Buy; $15.00 PT): Q2 Earnings Preview: Focusing on RealPlayer Cloud Progress and Path to Profitability; Risk/Reward Remains Attractive…
  • 08/03/15 Update PII ($137.06, Buy; $174.00 PT): Slowed By A “Flat Tire”, But PII Has the Best Pit Crew In Powersports; This Growth Engine Will Come Roaring Back…
  • 08/03/15 Update PG ($76.70, Neutral; $78.00 PT): No Organic Sales Growth; Reducing Estimates and PT from $81 to $78
  • 08/03/15 Update B. Riley & Co. Industry Update: Semiconductors Week 4 Earnings Preview (EXAR, MCHP, NVDA)
  • 08/03/15 Update NEWP ($15.84, Buy; $22.00 PT): Earnings Preview: Reduced 2Q Outlook; 3Q Consensus Does Not Reflect Preannouncement; Maintain Buy
  • 08/03/15 Update B. Riley & Co. Industry Update: Semi Cap Equipment Week 4 Earnings Preview (ACLS, BRKS, IVAC, KLIC, RTEC)
  • 08/03/15 Update OCLR ($2.30, Neutral; $1.70 PT): Earnings Preview: Expect Mixed F4Q/F1Q Results/Outlook; Focus will be on 100G Ramp, Margin Expansion and Cash Usage;…
  • 08/03/15 Update NWL ($43.28, Neutral; $45.00 PT): Raising Annual EPS Estimates by $0.03 and Price Target from $44 to $45
  • 08/03/15 Update CVU ($9.30, Buy; $16.00 PT): Earnings Preview: CPI Aero Setting up for Solid Second Half 2015 and Record 2016
  • 08/03/15 Update CNK ($39.46, Neutral; $40.50 PT): Q2 Earnings Preview: In Line Domestic Box Office Performance to be Pressured by LatAm Headwinds; M&A Chatter to…
  • 07/31/15 Update PCTI ($6.90, Buy; $11.00 PT): Earnings Preview: Jury’s out on Q2 Snapback; See both Pockets of Strength and Weakness
  • 07/31/15 Update PRMW ($6.25, Buy; $7.25 PT): Earnings Preview: Expect Q2 ‘15 Results In Line with Consensus or Better
  • 07/31/15 Update ODP ($7.94, Neutral; $11.00 PT): Earnings Preview: Expect In Line Or Slightly Better 2Q With More Signs Of Cost Reductions
  • 07/31/15 Update IIVI ($17.46, Neutral; $18.75 PT): Earnings Preview: Expect Generally In Line F4Q/F1Q Results/Guide Although Less Certain due to Macro Issues; Maintain…
  • 07/31/15 Update LOV ($3.09, Buy; $5.00 PT): Earnings Preview: Expect Q2 ‘15 Revenue and EPS In Line with Consensus
  • 07/31/15 Morning Note Morning Notes: AVP, AXTI, BCOV, CALD, CL, COHR, COHU, COLM, CROX, CSGP, DECK, ELNK, EVOL, GPX, GUID, IMMR, KLAC, KTCC, LLNW, MTSN, MWW, NTCT, OUTR,…
  • 07/31/15 Update IMMR ($11.53, Buy; $16.00 PT): Record Q2 Revenues Drive Top and Bottom Line Q2 Beat; Making Headway on Multiple Fronts
  • 07/31/15 Update WWWW ($23.08, Buy; $30.00 PT): Solid Quarter as Operational Expertise is Accelerating Turnaround; Maintaining Estimates and PT
  • 07/31/15 Update KTCC ($10.16, Buy; $15.00 PT): CFO Retirement in the Works for Some Time; No Concerns with the Transition; Reiterate Buy Ahead of Earnings
  • 07/31/15 Update KLAC ($51.25, Neutral; $57.00 PT): Solid Beat, But 10nm Shift Drags Down F1Q16 Outlook; Price Target To $57
  • 07/31/15 Update WMAR ($10.05, Buy; $12.00 PT): Growth Initiatives & Improved Promotional Strategy Drive SSS% Beat; FY Guidance Reaffirmed; Maintain Buy with $12.00…
  • 07/31/15 Update COHR ($60.58, Neutral; $65.50 PT): F3Q/F4Q Results/Outlook Below Consensus; Lowering Estimates and PT from $68.00 to $65.50; Maintain Neutral
  • 07/31/15 Update CALD ($14.93, Buy; $19.00 PT): Reports Q2 ’15 Results; Reiterate Buy Rating and $19.00 Price Target
  • 07/31/15 Update AVP ($5.51, Neutral; $5.50 PT): Cutting 2016E EPS by $0.10 and PT from $6.50 to $5.50
  • 07/31/15 Update EVOL ($8.64, Buy; $12.50 PT): Earnings Preview: Two Down, More to Go, as EVOL Steadily Rebuilds DSA Momentum
  • 07/31/15 Update ROVI ($12.78, Buy; $23.00 PT): Mixed Q2 Results; Proxy Battle/Litigation Weighs on N-T Outlook; Remain Confident in IP Strength and Renewals; Lowering…
  • 07/31/15 Update GPX ($29.03, Neutral; $29.00 PT): Reports Q2 ’15 Results; Reducing Estimates and Price Target; Maintain Neutral Rating
  • 07/31/15 Update CL ($68.02, Neutral; $72.00 PT): Reducing EPS Estimates and Price Target from $74 to $72
  • 07/31/15 Update SHOO (41.06, Buy; $48.00 PT): Modest Q2 beat; annual guidance affirmed; strong retail comp/margin-usually a leading indicator for wholesale; fashion…
  • 07/31/15 Update CSGP ($207.49, Buy; $240.00 PT): Reports Upside Q2 Results; Raises FY ’15 Guidance; Lowering FY ’16 Estimates
  • 07/31/15 Update GUID ($8.84, Buy; $11.25 PT): Reports Q2 ’15 Results Above Expectations; Maintains FY ’15 Outlook; Raising Price Target from $9.50 to $11.25;…
  • 07/31/15 Update MWW ($6.89, Buy; $10.00 PT): Reports Q2 ‘15 Results Ahead of Consensus; Raising Estimates and Price Target
  • 07/31/15 Update B. Riley & Co. July Focus List (updated): CHKE, CONN, EMKR, GUID, ISIL, KTOS, NTRI, PRMW, RLD, RUBI, SRI
  • 07/31/15 Update DECK ($71.55, Buy; $94.00 PT): 1Q Beat on GM; 2Q Guidance Below Consensus; FY2016 Guidance Up Slightly; Reorder/Cancelation Outlook Appears Favorable
  • 07/31/15 Update CROX ($15.48, Neutral; $16.00 PT): 2Q Beat on Tax; 3Q Sales Guidance Below Consensus; Management’s Favorable Commentary Driving Stock
  • 07/31/15 Update BCOV ($5.90, Buy; $9.40 PT): Mixed Quarter and Guide as Contracts Slip and Macro in Europe; Opportunity is Intact
  • 07/31/15 Update SRI ($10.90, Buy; $15.75 PT): After Two Years as Dead Money, the Inflection Point is Here; Upgrading to Buy and Adding SRI to B. Riley & Co. Focus…
  • 07/31/15 Update RGC ($19.82, Neutral; $22.00 PT): Reports Upside Q2 on Strength in Popcorn/Soda Sales; Positioned for Solid Box Office Growth with Potential M&A Kicker;…
  • 07/31/15 Update AXTI ($2.38, Neutral; $2.60 PT): Mixed 2Q/3Q Results/Outlook; Lowering Estimates and PT from $2.70 to $2.60; Maintain Neutral
  • 07/31/15 Update PCCC ($22.23, Neutral; $27.00 PT): Light 2Q Sales But Bottom Line Solid With Momentum Into 2H
  • 07/31/15 Update MTSN ($2.86, Buy; $4.50 PT): A Tough Mid-Year Back Drop But Interesting C16 Drivers; PT To $4.50
  • 07/31/15 Update LLNW ($3.59, Buy; $6.50 PT): Earnings Preview: Expect In line to Slight Beat in Quarter and Increase in Full Year Guidance
  • 07/31/15 Update COLM ($62.64, Neutral; $70.00 PT): 2Q Beat on Robust Sales Growth; Raising FY2106 Guidance; We Like the Story and Back Half Setup, but Valuation Gives…
  • 07/31/15 Update NTCT ($39.49, Buy; $49.50 PT): Reports Q1 ’16 Results; Reiterate Buy Rating and $49.50 Price Target
  • 07/31/15 Update COHU ($12.00, Buy; $14.50 PT): Modest Beat Hands To Macro-Driven Miss; PT Remains $14.50
  • 07/31/15 Update REIS ($24.61, Buy; $33.25 PT): Reports Strong Q2 Results Aided By Large Portfolio Services Contract; Slightly Lowering 2016 Estimates and PT
  • 07/31/15 Update OUTR ($81.82, Neutral; $70.00 PT): Mixed Q2 Results; With Redbox Trends Relatively Stable, Ditch ecoATM and Pursue a New Growth Vehicle; Reducing…
  • 07/30/15 Earnings Preview ELNK ($7.34, Buy; $8.50 PT): Earnings Preview: ELNK is Streamlining Operations and Capital Structure to Maximize FCF